Bitcoin has ranged sideways for over 224 days, building pressure for a breakout.
Declining open interest signals a healthy market reset and potential for upward movement.
Key resistance at $108,000 could trigger Bitcoin’s next major price surge.
Bitcoin — BTC, looks like a sleeping giant. It stirs just enough to remind you it’s alive, then drifts back into stillness. For over 224 days, BTC has traded inside a tight price box, quietly building tension. Meanwhile, the explosive moves—the ones that flip the entire market—happen in just a few short weeks. That’s the pattern. And once again, Bitcoin stands on the edge of something big.
https://twitter.com/drprofitcrypto/status/1938628014528741545 Months of Chop, Then the Bang
Let’s break this down. The price of Bitcoin stayed stuck in the $25,000 range for 224 days before breaking out. Then it hovered around $50,000 for 245 days before another move. Right now, BTC has been boxed in again—224 days and counting. That’s nearly nine months of slow, sideways grinding. But sideways doesn’t mean weak. It means the spring is loading. Since June 5, BTC bounced back 10% and tapped $110,800 on June 9.
That put it within touching distance of all-time highs. But something even more important happened behind the scenes. Data from CryptoQuant revealed that open interest (OI) on Binance didn’t rise with the price. Instead, it declined. That means traders are pulling back on leverage. At the same time, a liquidation cluster formed around $104,000, where long positions were wiped out when the price dipped. Analyst Amr Taha called it a “cleansing of latecomers chasing the rally.”
Eyes on Resistance—Breakout or Breakdown?
Liquidations often clear the path for stronger hands to take control. Plus, the Fed’s recent decision to leave interest rates steady adds a quiet boost. When rates stay flat, risk assets like Bitcoin tend to breathe easier. On June 20, BTC hovered just below $105,000. Michael van de Poppe, founder of MN Capital, noted this as a bullish sign. He highlighted the $108,000 resistance level as the key line to watch.
If bulls break through, we could see a rush to new highs. There’s another clue in the data. Bitcoin’s short-term holder MVRV returned to its average line, even as price hovered near highs. That means there’s no sign of mania. No overexcitement. Just calm, steady strength. This kind of setup doesn’t last forever. It’s like watching storm clouds gather on the horizon. You can feel something coming, even before the first drop falls.
Bitcoin may still be moving sideways, but pressure keeps building. History shows that long periods of quiet often end in sudden, violent moves. When BTC breaks out of the box—whether it’s today, next week, or next month—the move will likely be fast and aggressive. And if the pattern repeats, it could all happen in just a matter of weeks.
